- Tata Consultancy Services became the second Indian firm after Reliance Industries Limited to attain a market valuation of over Rs 9 lakh crore on Monday.
Tata Consultancy Services became the second Indian firm after Reliance Industries Limited to attain a market valuation of over Rs 9 lakh crore on Monday. Market value of the company went past Rs 9 lakh crore in early trade aided by a rally in its share price.
The software services firm ‘s stock gained 2.91 per cent on the BSE at Rs 2,442.80 — its record high. It jumped to a lifetime high of Rs 2,439.80 on the NSE, 2.76 per cent.
Helped by the increase in its share price, the market valuation of the company rose in early trade to Rs 9,14,606.25 on BSE. In terms of market capitalisation, it is the second most important domestic company.
Meanwhile, Reliance Industries Limited is the first Indian film to have reached the market valuation mark of Rs 9 lakh crore.
This landmark was reached in October of last year by the country’s most admired company. Its market valuation currently stands at Rs 15,78,732.92 crore-the highest in the country for any listed firm.
TCS, India’s largest exporter of technology, closed the BSE 4.7 percent higher at a record level of 2.485.00 for a market capitalization of 9.35 lakh crore, while HCL Technologies finished 9.9 percent higher at around 793.00, after hitting a 52-week intraday high. Infosys rose 3.4 percent to approximately $977.95, Wipro rose 4.81 percent to approximately $307.15 and Tech Mahindra rose 3.1 percent to close $788.55. The BSE Sensex fell by 0.25% and the NSE Nifty50 fell by 0.21%, while the BSE IT index fell by 4.8% and the NSE Nifty IT index, respectively.
Indian IT services firms have seen companies rebound as clients invest internationally in technology and automation to drive their business after a poor first quarter. As remote work becomes popular, Indian firms have helped clients allow their workers to work remotely, while adding a security layer for their applications. They also help multinational companies move their software to the cloud or the internet.
Recently, Reliance Industries (RIL) shares hit a record high of Rs 2,218, up 3 percent on BSE in Thursday’s early morning trade, with the market capitalization (market-cap) close to Rs 15 lakh crore which means it has crossed $200 billion capitalizations. It surpassed its previous peak in intra-day trade of Rs 2,198.70, touched on July 27, 2020.
